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22 April 2009

Imerco chain strengthened through DKK 300 million capital increase

The shareholders of Imerco Holding A/S have unanimously resolved to increase the company’s share capital by approximately DKK 300 million. Principal shareholder Mikael Goldschmidt is pleased with the wide support for the capital increase.

At a well-attended annual general meeting of Imerco Holding A/S held at Radisson SAS Scandinavia in Copenhagen on Wednesday, 22 April 2009, the shareholders resolved to authorise the company’s Board of Directors to increase the company’s share capital through issuance of shares at a discount to the market price with pre-emption rights to existing shareholders. The resolution was unanimously adopted and was strongly supported by the many attending shareholders, representing a total of 95.5% of the share capital, including by the company’s principal shareholder, M. Goldschmidt Capital A/S.

“We are very pleased that the capital increase enjoys the support of the entire group of owners. This is a great day for Imerco. We succeeded in drafting a plan that strengthens Imerco’s financial resources and primes the company for future growth and earnings,” said Mikael Goldschmidt, CEO of M. Goldschmidt Holding A/S.

“The capital increase should be seen as a proactive step. We will be strengthening the company’s financial resources, thereby ensuring some 1,000 jobs and the company’s future growth potential in the industry. Through our contribution to the capital increase, and by strengthening of our ownership interest, we want to demonstrate our sustained confidence in Imerco as an investment. We believe that Imerco offers excellent long-term perspectives and a strong future earnings potential, which is why we fully support and back the capital increase,” said Mikael Goldschmidt.

The portfolio of more than 150 stores makes Imerco Denmark’s largest housewares chain by far. The share capital will be increased by a total of almost DKK 300 million. Of this amount, DKK 275 million will be deriving from the upcoming share issue to be completed in June 2009, under which all existing shareholders will be awarded subscription rights in proportion to their shareholdings. As there will still only be one share class, no shareholders will be placed at a disadvantage if they exercise their subscription rights in full. In addition, capital will be injected by M. Goldschmidt Capital A/S exercising its warrant to increase its ownership interest in Imerco Holding A/S from 40% to 51%.

The proceeds from the upcoming share issue will be used to reduce the company’s debt and to strengthen its financial resources with a view to exploiting any opportunities that may arise in the future.

Copenhagen, 22 April 2009

M. Goldschmidt Holding A/S, Mikael Goldschmidt (CEO)
M. Goldschmidt Capital A/S, Søren Bjørn Hansen (CEO)
Imerco Holding A/S, Ib Berntsen (CEO)

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